Technical update 9th June

EUR/USD

Currently, the pair is moving towards the support zone of 1.21500 and the next resistance is at 1.23200. The Eurozone and German ZEW economic sentiments data released yesterday indicated a decline in the level from the surveyed investors. Look for buying opportunities of EUR/USD if it bounces up from the support zone of 1.21500, Bears aim for ascending trend line from April, bulls have a bumpy road, so overall we can say that pair is ranging across.

GBP/USD

The pair pares the previous day’s losses around 1.4150 during the quiet Asian session on Wednesday. GBP/USD remains between 1.4110 and 1.4200 regions which were established since May end. Friday’s low acted as extra filters. The next support zone of the pair will be at 1.4000 and resistance will be at 1.43500. The pair already slipped below 50 and 100 SMA, on a short-term basis, look for buying opportunities but overall the pair is ranging across.

USD/CAD

The pair rose for the first time in three days on Tuesday. Currently, the loonie pair is moving towards the resistance zone of 1.21000, and the support zone is at 1.19000. The pair seesaws around 1.2115 amid a sluggish Asian morning on Wednesday. The Bank of Canada will be announcing its Monetary policy decision later at 2200 (GMT+8). The main point of attention is the BOC’s view on the recent lockdown and whether it is still looking at further QE tapering, Look for short-term selling opportunities for the pair.

AUD/USD

AUD/USD is easing towards 0.7700 after China is said to consider price controls on coal prices. The Aussie Dollar ended a second week unchanged against the greenback area at 0.7740. The Australian NAB Business Confidence data released yesterday indicated a decline in the surveyed businesses on current business conditions. Next support zone if the pair is at 0.7550 and resistance will be at 0.78000, look for short-term buying opportunities of AUD/USD.